Smithfield Foods Targets Up to $10.73 Billion Valuation in US IPO
Smithfield Foods, the maker of Farmland bacon, is targeting a valuation of up to $10.73 billion in its upcoming US initial public offering (IPO), as per a Tuesday announcement. WH Group, Smithfield's Hong Kong-based parent company and the world's largest pork producer, is spinning off Smithfield and listing its shares on the US market.
Smithfield and WH Group are jointly offering 17.4 million shares, priced between $23 and $27 each, with the potential to raise up to $939.6 million. Morgan Stanley, BofA Securities, and Goldman Sachs are serving as lead underwriters for the offering.
Upon completion of the IPO, Smithfield's shares will be listed on the Nasdaq under the ticker symbol "SFD."